Shareholders okay LMW stock split
Mumbai: Lakshmi Machine Works has got shareholders approval for sub-division equity shares in the ratio of 1:10, wherein shares of Rs100 each face value would be divided into 10 shares of Rs10 each. The board of directors of the company has decided to pay an interim dividend of Rs150 on shares of Rs100 each (150 per cent), the company informed the Bombay Stock Exchange. The shares of the company were trading at Rs32,594.95, up 3.17 per cent on th e BSE.
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Parsvnath Developers debuts at Rs540 on BSE
Mumbai: Realty company Parsvnath Developers on Thursday debuted at Rs540 on the BSE with a premium of 80 per cent over its issue price of Rs300. Within a few minutes of trading, the scrip touched a high of Rs579 on the BSE.

Parsvnath listed at Rs456.70 on the NSE and touched a high of Rs563 in a few minutes of trading.

The Rs1,000 crore initial public offer of the company was oversubscribed 60 times. The issue also saw an overwhelming response in the qualified institutional buyers (QIB) portion, especially from foreign institutional investors (FIIs). The company came out with an issue of 18.16 crore equity shares with an issue price of Rs300 each.
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New income plan from UTI Mutual
Mumbai: UTI Mutual Fund has launched UTI-Fixed Term Income Fund - Series II- Plan 16. The new fund offer opens on November 27 and closes on December 11. The fund is a close-ended income scheme and has three plans: Plan 16, Plan 36 and Plan 60. Currently, UTI Mutual Fund is launching Plan 16. The fund has a growth, dividend payout and dividend reinvestment option. UTI - Fixed Term Income Fund - Series II aims to generate regular returns by investing in a portfolio of fixed income securities.

Fund officials said, UTI- Fixed Term Income Fund- Series II-Plan 16 provides an investment opportunity with superior tax-adjusted returns and protects investors from adverse interest rate movements. The fund has been benchmarked against the Crisil Short Term bond Index.
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Dr Reddy's to raise funds through ADS issue Mumbai: Dr Reddy's Laboratories (DRL) will raise Rs1,027 crore through its 14.3 million American depository shares (ADSs) issue. The company told the BSE that it has further issued an additional 1.8 million ADS at a price of $16 each amounting to Rs128.87 crore ($28.8 million). Last month, on November 16, the company had raised Rs898.47 crore ($200 million) through its 12.5 million ADS issue (excluding the underwriters over-allotment option).

DRL said it has issued an additional 1.8 million ADS to the underwriters at a public offer price of $16 dollars. This additional issue of ADS was pursuant to the over-allotment option granted by the company to the underwriters in the previously announced ADS offering.
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Paramount Communications raises $27 million through FCCBs
Mumbai: Cable manufacturer Paramount Communications has raised $27 million through unsecured foreign currency convertible bonds (FCCBs) to fund its expansion plans. The bonds would be convertible into equity shares of Rs265 at a premium over the ruling market price, the company said. The bonds have been issued for five years with a yield to maturity of 8.5 per cent, it said.
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Financial Tech to set up commodity exchange in Mauritius
Mumbai: Financial Technologies India (FTIL), which set up commodity bourse MCX, said it would set up a commodity exchange in Mauritius as it has received in-principle approval from Mauritius government to set up the exchange in the island nation.
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LN Mittal, Farallon Cap acquire stake in Indiabulls Infra
Mumbai: Steel tycoon LN Mittal, and a subsidiary US based Farallon Capital, the world's largest investment fund, have together acquired a 13.33 per cent stake in Indiabulls Infrastructure Development Ltd (IIDL), for Rs447 crore.

Indiabulls Financial Services has a majority stake in IID which will be taking up infrastructure projects and develop SEZs to cater to Fortune 500 companies interested in setting up manufacturing units in India.
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SEBI installs new surveillance software in bourses
Mumbai: A new surveillance software in exchanges will be implemented by SEBI today promises not only to cut short the time that would be needed to compile basic data on bourses but would also be versatile as to the scope of information that it can dredge out from the welter of data available to it. The new software, called the Integrated Market Surveillance System, allows SEBI to integrate at the end of the day, market transactions across stock exchanges, for now the BSE and the National Stock Exchange. It would also incorporate in its scope, both the cash and derivative segments besides those of the depository institutions and their participants.

More importantly, it would no longer have to depend on the market participants to furnish the data for whatever investigations it may choose to undertake.

The software allows SEBI to directly obtain data from the mass of data currently estimated to run into 3 to 4 gigabytes per day by employing certain filter criteria for shares or market participants for any abnormal features of trading.

SEBI has said that based on its experience of regulating the domestic market, it has constructed 29 types of filters that would help identify and investigate potential cases of fraudulent trading practices in the market.
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ADS sale brings Infosys executives big bucks
Mumbai: Infosys Technologies' top executives and directors sold shares worth Rs859 crore ($191.78 million) in a secondary offering of 30 million American Depository Shares (ADS), which could make it the first Indian company to list in the coveted Nasdaq 100 index. The ADS offering includes offers from almost the entire top-brass of the company -- non-executive chairman and founder Narayan Murthy has sold 4.5 lakh shares, CEO Nandan Nilkeni sold 11.81 lakh shares while chief operating officer S Gopalakrishnan sold 8.86 lakh shares among others, the company said in a filing to the BSE.

The total ADS issue is worth $1.6 billion (Rs7,139.76 crore) based on the price fixed at $53.5 per ADS.

The group of eight directors and executive officers collectively offered over 130 million shares of which a total of 3.5 million shares worth Rs863 crore have been sold, based on the ADS price of $53.5.
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